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21. December 2021

Germany’s municipal utilities: will Covid, energy transition short-circuit profit, credit quality?

Germany’s municipal utilities face slimmer profit margins and growing pressure on credit quality as they contend with shifting patterns in energy consumption, tougher environmental regulations and fall-out from the pandemic. Download the report “The country’s 50 biggest municipal utilities face significant future capex as Germany has adopted stringent carbon-dioxide reduction targets just as competition intensifies […]

20. December 2021

German media sector faces extra credit risk as Covid-19 speeds up industry’s digital make-over

The Covid-19 pandemic has accelerated the change of consumer habits and the digitalisation of media consumption, with consequences for the credit outlook for the traditional media sector – not least in Germany. DOWNLOAD THE REPORT “The structural challenges that media companies have faced for a long time have intensified amid the Covid-19 pandemic and all […]

1. December 2021

Scope Hamburg affirms B / negative issuer rating of Helvetia Environnement

Scope Hamburg has affirmed the B / negative issuer credit rating of Helvetia Environnement Groupe SA. The key drivers remain a moderate to slightly increased business risk profile, the company’s lagging operating performance, which still remains below Scope Hamburg’s expectations, and an inadequate financial flexibility due to rather insufficient cash generation and the currently pending […]

17. November 2021

Scope Hamburg GmbH withdraws the issuer credit rating of Joh. Friedrich Behrens AG

Scope Hamburg GmbH withdraws the issuer credit rating of Joh. Friedrich Behrens AG. The reasons are the ongoing insolvency proceedings in self-administration and the substantial structural changes of the rated entity which include the publicly announced transfer of operations Scope Hamburg GmbH (formerly Euler Hermes Rating GmbH) was founded in 2001 as an independent European […]

12. November 2021

Scope Hamburg affirms B+ issuer and issuance ratings of Hungarian logistics company Trans-Sped Kft.; outlook stable

The B+ issuer credit rating is mainly driven by Trans-Sped’s operations in the transportation and logistics sector which we assess as highly cyclical and highly competitive with low barriers to entry, low profit margins and a highly fragmented landscape. Due to the asset intense operations, Trans-Sped is subject of rather low capital returns and slightly […]

28. October 2021

Scope Hamburg affirms BB issuer and issuance ratings of KÉSZ Holding Zrt.

Scope Hamburg affirms BB issuer and issuance ratings of KÉSZ Holding Zrt.; outlook stable. The upcoming second issue of senior unsecured bonds was rated BB. Scope Hamburg has affirmed the BB issuer credit rating of Hungarian construction company KÉSZ Group. The rating outlook remains unchanged at stable. At the same time the upcoming second series […]

27. October 2021

Corporate zombification poses significant risk to the European economy

Loose monetary policy and government bailouts in response to the pandemic have accelerated corporate zombification just as insolvencies have declined sharply and decoupled from economic developments. This poses significant risks to the European economy. DOWNLOAD THE REPORT Zombie companies have increased significantly in recent years and there has been a greater persistence in zombification, with […]

4. October 2021

Scope Hamburg confirms BBB+ issuance rating of senior note financing for offshore wind farm Gode Wind 1

Scope Hamburg has confirmed the BBB+ issuance rating for the senior secured amortising notes maturing in 2026 issued by Gode Wind 1 Investor Holding GmbH. Key rating considerations remain a combination of moderate project risks, moderate financial risks, low operational risks, adequate terms of issuance and decent recovery expectations. The rating outlook remains stable. The […]